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(Fox News)   Not news: Chinese bank uses gold bars as collateral for loan. News: 83 tons of gold in exchange for 4 billion in loans. Fark: The gold is all fake. Ultrafark: No one checked until the loans were issued   (foxnews.com) divider line
    More: Fake, Public Company Accounting Oversight Board, People's Liberation Army, United States, People's Republic of China, Public company, Influenza, Wuhan, Government-owned corporation  
•       •       •

3488 clicks; posted to Main » on 01 Jul 2020 at 2:36 PM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



Voting Results (Funniest)
View Voting Results: Smartest and Funniest

 
2020-07-01 3:05:46 PM  
11 votes:

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.



True.  Silver and gold are soft, ductile metals.
 
2020-07-01 2:24:44 PM  
9 votes:
If no one knows it's fake, it's as good as real gold.
 
2020-07-01 3:59:08 PM  
7 votes:
As the news surfaced late Monday, shares in Kingold plundered 23.77 percent overnight, and the Shanghai Gold Exchange has reportedly canceled Kingold's membership.

"plundered"?
 
2020-07-01 3:34:53 PM  
7 votes:
Fark user imageView Full Size
 
2020-07-01 3:09:14 PM  
7 votes:

PhoenixFarker: Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.

One in ten, that's interesting. When we are doing testing on multiple container deliveries of pharma raw materials (from the same mfg. lot) we do (SQRTn)+1, where we round imperfect roots up to the next whole number (e.g., a 15 container shipment would have 5 containers sampled & tested).


None of that is interesting
 
2020-07-01 2:42:15 PM  
7 votes:
Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?
 
2020-07-01 2:45:46 PM  
6 votes:
This is basically an episode of Hogan's Heroes.

How do say "I know nothing!" in Mandarin?
 
2020-07-01 2:47:47 PM  
5 votes:
afterwards, they paused to pee in a few cokes
 
2020-07-01 2:57:41 PM  
4 votes:

Sword and Shield: What blows my mind here is how lazy the fakes are.

If you're going to fake gold, use tungsten. Very similar density (19.32 g/cc for Au, 19.35 g/cc for W). Lead is the classic, but it's not even close (11.35 g/cc). This appears to be copper or brass (densities 8.96 for pure copper, roughly the same for brass unless it's really heavily zinc).

Picking the bar up should have made it obvious.

A longtime friend of mine is a bullion dealer. If he gets a large shipment of gold or silver, the standard practice is to randomly select 1 in 10 for testing. Even a large amount like this shouldn't be massively hard.


Wow, your friend is a bullionaire??

/sorry
//the people in the article broke the most important law in China
///don't get caught
 
2020-07-01 2:50:48 PM  
4 votes:
If you owe the bank $100, that's your problem. If you owe the bank $4 billion, that's the bank's problem.
 
Oak [BareFark]
2020-07-01 4:17:33 PM  
3 votes:

Xcott: As the news surfaced late Monday, shares in Kingold plundered 23.77 percent overnight, and the Shanghai Gold Exchange has reportedly canceled Kingold's membership.

"plundered"?


Yarrrrr...
 
2020-07-01 3:33:31 PM  
3 votes:
Patrician seeks interview with Mr. Von Lipwig.
 
2020-07-01 3:14:56 PM  
3 votes:

croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?


medias.spotern.comView Full Size


More Gold than Fort Knox.
 
2020-07-01 3:06:06 PM  
3 votes:

Marcus Aurelius: If no one knows it's fake, it's as good as real gold.


Yeah, but when it turns to trash or outright disappears at sunrise, that's usually a pretty good tell.
 
2020-07-01 2:10:59 PM  
3 votes:
Guessing the same pile of "gold" was used as collateral at five other banks before this one.


Hopefully, the borrowers are HK protestors.
 
2020-07-01 6:18:11 PM  
2 votes:
The Made In China stamp should have tipped them off .
 
2020-07-01 5:32:04 PM  
2 votes:
i.ytimg.comView Full Size
 
2020-07-01 2:45:03 PM  
2 votes:
Was a contract signed, contingent on the collateral actually measuring up? Cancel the deal, take back the loans.

\no, I'm not gonna RTFA
 
2020-07-01 9:10:25 PM  
1 vote:
And just think, "Doomsday Preppers" think this is going to be the only thing we can trust in a post-megawhoops society.
 
2020-07-01 4:29:29 PM  
1 vote:

croesius: Speaking of unverified gold being used for propping up the economy... How's Ft. Knox doing these days?


Should be fine - unless some idiot let Jared in.
 
2020-07-01 3:20:41 PM  
1 vote:

Marcus Aurelius: If no one knows it's fake, it's as good as real gold.


Fark user imageView Full Size
 
2020-07-01 3:08:19 PM  
1 vote:
Fake gold? What's the Trump angle on this Fool's Gold story. There has to be one.
 
2020-07-01 2:46:50 PM  
1 vote:
Very interesting story - but why provide it as a foxnews link? Just to discredit it?
 
2020-07-01 2:46:32 PM  
1 vote:
Genuinely kind of impressed. Ballsy, considering that this is the sort of fraud that's been going on for millenia. I mean, who would seriously expect this to actually work in the modern world?
 
2020-07-01 2:41:13 PM  
1 vote:
Isn't the whole thing fake to begin with?
 
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